US data sends Asian stocks lower

Asian stocks fell on Wednesday as investors took no cheer from strong U.S. economic data and as weaker-than-expected Chinese trade numbers pressed the yuan lower.

China’s exports growth slowed in August, as surging inflation crimped overseas demand and fresh COVID curbs and heatwaves disrupted production, reviving downside risks for the economy, Reuters reports.

Exports were up 7.1% in August on a year earlier, slowing from an 18.0% gain seen in July, according to official customs data.

The yuan further weakened, depreciating 0.36% to 6.98 per dollar and approaching the 7-per-dollar mark. Chinese authorities have signaled concerns about the currency’s strong declines.

However, China’s stock benchmark .CSI300 gave a muted reaction to the news, rising 0.02% and recovering earlier losses despite concerns about fresh COVID restrictions in large mainland cities.

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